The Main Areas of Monetary Policy: Price Stability, Resistance to Shocks

Russian Economic Developments. Moscow, 2016, No. 12, pp. 2-5

4 Pages Posted: 23 Dec 2016

See all articles by Eugene Goryunov

Eugene Goryunov

Gaidar Institute for Economic Policy

Sergey Drobyshevsky

Gaidar Institute for Economic Policy; Russian Presidential Academy of National Economy and Public Administration

Pavel Trunin

Gaidar Institute for Economic Policy

Date Written: December 23, 2016

Abstract

The draft Guidelines for the Single State Monetary Policy (hereinafter – the Draft) prepared by the Bank of Russia does not involve significant changes in monetary policy in the upcoming mid-term period. Russian monetary authorities see their main task in maintaining price stability and improving financial sector resilience to possible macroeconomic shocks. The Bank of Russia does not give up the goal of reducing consumer inflation to 4% by the end of 2017, so the regulator plans to maintain a moderately tight monetary policy. There are no plans for active intervention in the foreign exchange market, and the exchange rate will remain floating.

Keywords: Russian economy, inflation, monetary policy, price stability, resilience to shocks

JEL Classification: E31, E43, E51

Suggested Citation

Goryunov, Eugene and Drobyshevsky, Sergey and Trunin, Pavel, The Main Areas of Monetary Policy: Price Stability, Resistance to Shocks (December 23, 2016). Russian Economic Developments. Moscow, 2016, No. 12, pp. 2-5, Available at SSRN: https://ssrn.com/abstract=2889462 or http://dx.doi.org/10.2139/ssrn.2889462

Eugene Goryunov (Contact Author)

Gaidar Institute for Economic Policy ( email )

Gazetny per., 3-5
Moscow, 125993
Russia

Sergey Drobyshevsky

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

Russian Presidential Academy of National Economy and Public Administration ( email )

Varnadskogo Avenue,82
Moscow, 119571
Russia

Pavel Trunin

Gaidar Institute for Economic Policy ( email )

Gazetny pereulok, 3-5
Moscow, 125993
Russia

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